Revenue to cover the fraud

Assignment Help Accounting Basics
Reference no: EM13122735

You are told that a company has a 20% profit margin and the discovered fraud has caused $1,400,000 more needed revenue to cover the fraud. How much was stolen? A. $280,000. B. $560,000. C. $1,400,000. D. $7,000,000. E. Some other amount.

Reference no: EM13122735

Questions Cloud

What is the effect on earnings in the year : The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. Ignoring taxes, what is the effect on earnings in the year after the options are granted to executives?
Who is the commissioner of the irs : For the Project, you will need to submit a written research paper which answers the following questions. This Project is due by Sunday, December 9, 2012. Please read the instructions below.
Word paper:-the nature of american ethnic literature : Write a 1050 to 1400 word paper in which you reflect on the nature of American ethnic literature.
Analyze the stability of the dam : Analyze the stability of the dam shown in the figure, if the friction coefficient between concrete and foundation is 0.70, and the specific weights of concrete and water are 24kN/m 3 and 10kN/m 3 , respectively.
Revenue to cover the fraud : You are told that a company has a 20% profit margin and the discovered fraud has caused $1,400,000 more needed revenue to cover the fraud. How much was stolen? A. $280,000. B. $560,000. C. $1,400,000. D. $7,000,000. E. Some other amount.
Requesting an audit of business : Victor called you and was in a panic as he had just received a letter from the IRS, requesting an audit of his business. The letter specifically asked for support for the $ 150,000 truck operating expense. Victor had no receipts.
Which one is not a main objective of the sarbanes-oxley act : Which one is not a main objective of the Sarbanes-Oxley Act?
Use of computer time on a remote supercomputer : Which of these is least likely to be an example of cloud computing service?
Business expenses basics : Roxanne is an aerobics (Jumping Jacks) instructor. She submitted a list of her business expenses to you. The list includes: DVD player $500; CD Music $500; Leotards and Tights $500; Towels $500; Mats $500. Which expenses would you allow?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare journal entries for gardener corporation

The following is a list of transactions entered into during the first month of operations of Gardener Corporation, a new landscape service. Prepare in journal form the entry to record each transaction.

  What controls should an organization

What controls should an organization like Tyco implement to ensure that such transactions do not take place in the future?

  Floating exchange rate regime

Assume that the U.S. Congress imposes an raise in taxes. Under the floating exchange rate regime, carefully illustrate and describe the process that will generate a new goods market

  Journalize stock entries-make stockholder equity section

Milner Corporation has been authorized to issue 20,000 shares of $100 par value, 10% noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. Prepare the journal ent..

  Prepare journal entries for ownership

Prepare the journal entries that Kramer Corporation should record for these transactions and events. Please show me the calculations.

  Compute taxable income and income taxes payable

Evaluate taxable income and income taxes payable. Prepare the journal entries for income tax expense, income taxes payable, and deferred taxes.

  Bad debt expense account

Under GAAP, an entry should be made to the bad debt expense account

  Post beginning balances in ledger accounts (t-accounts)

Post beginning balances in ledger accounts (t-accounts) from the December 31, 2009 post-closing trial balance. Prepare journal entries to record each transaction for DeeDee's Designs. (A general journal is provided. Multiple pages will be needed.)

  What are the effects on net income from these transactions

On April 1, Quality Corporation, a U.S. company, expects to sell merchandise to a French customer in three months, denominating the transaction in euros. On April 1, the spot rate is $1.41 per euro.

  Determine the accounting principles-foreign and domestic

Determine the accounting principles (GAAP) the foreign and domestic companies use to prepare financial statements.

  Gaap and health care

Some generally accepted accounting principles (GAAP) apply only to health care, and there are many health care organizations that use other comprehensive bases of accounting when GAAP does not apply

  Active business income

In the current year, Spring Corporation, a closely held personal service corporation, has $120,000 of passive losses, $70,000 of active business income, and $50,000 of portfolio income. How much of the passive loss may Spring deduct in the current..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd